On Wednesday, Bitcoin’s price saw a sudden jump, increasing by several thousand dollars. But this upward move didn’t last long as it quickly faced a rejection and dropped back down again.
Other cryptocurrencies, referred to as altcoins, also lost value over the past day. Ethereum (ETH) is now priced at $2,850, showing a small dip. Ripple’s XRP fell below $1.90, while Hyperliquid’s token, HYPE, experienced a significant decline.
Bitcoin’s Price Moves
Last week, the US Federal Reserve reduced interest rates again by 25 basis points (bps). This means that borrowing money costs less, which can sometimes impact the value of assets like Bitcoin. After this announcement, Bitcoin’s price reached $94,500 but quickly dropped down to $89,500.
Over the weekend, Bitcoin stayed around $90,000 but started dropping again on Monday. Within just over an hour, Bitcoin’s price fell by nearly $5,000 to $85,500. Throughout the next few days, Bitcoin tried to recover, hitting a peak of $88,000 but didn’t sustain that level.
On Wednesday, Bitcoin’s price had a quick upward movement. It went up by several thousand dollars and reached over $90,000. However, this increase didn’t last as it was immediately pushed back down to below $85,500. Such rapid changes in price are sometimes called a “pump-and-dump.” As of now, Bitcoin has bounced back a bit and is trading at $87,300. Its overall market value, called market cap, is below $1.75 trillion.
Altcoins in Trouble
Bitcoin’s dominance over altcoins, which is how much of the total crypto market Bitcoin represents, has increased to 57.6%. This shows that while Bitcoin has had ups and downs, altcoins are losing more value compared to Bitcoin.
Common altcoins like Ethereum (ETH) are now at $2,850, experiencing a small 2% decline. Ripple’s XRP has fallen below $1.90. Other cryptocurrencies such as Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Chainlink (LINK) have dropped by up to 3.5%.
Hyperliquid’s native token, known as HYPE, is struggling the most. Its value dropped by nearly 10% in just 24 hours. Over the past month, it has lost more than 40% of its value and is now priced below $25.
Some cryptocurrencies faced larger losses. For example, LEO lost 28% in value, and PUMP lost 12%. On the other hand, two cryptocurrencies, NIGHT and CC, showed gains of about 7-8%.
Despite the ups and downs, the total value of all cryptocurrencies combined is still above $3 trillion.